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Bank of England’s Carney extends term at helm to Jan 2020

Bank of England’s Carney extends term at helm to Jan 2020

Canadian Mark Carney has agreed to remain as Governor of the Bank of England until January 2020 in order to shepherd the British economy through the initial stages of its exit from the European Union (E.U.).

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In October 2016, Carney said he would step down in June 2019, two years short of the eight years governors usually serve.

The news is likely to be positive for Sterling in the long-run as it eradicates potential policy uncertainty as the United Kingdom exits the European Union.

Carney, who is Canadian and is reported to be interested in returning to politics back home, won acclaim for helping to calm financial markets in the wake of Britain's vote in June 2016 to leave the European Union. Even so, the BOE raised interest rates to the highest since 2009 last month, and said a gradual series of hikes would be needed in coming years to control inflation.

"In a sea of Brexit political pygmies the governor of the Bank of England is one of the only sane voices at the table, so it is welcome news he is staying on".

"How on earth can we take this government seriously when they say "Brexit means Brexit" when they keep this man unnecessarily in his post?"

Hammond added: "I'm delighted to announce the re-appointment of Sir Jon Cunliffe for a further term as Deputy Governor, and I'm confident his extensive experience will continue to be a valuable asset to the Bank of England".

Carney, the former Bank of Canada chief, was appointed BOE governor in late 2012 after previously saying he wasn't interested in the job.

Mr Carney said he was "willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

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